RBC Insurance, the insurance arm of Toronto-based Royal Bank of Canada, has introduced a “compassionate care” rider for select disability insurance plans, the company announced Tuesday.
The Family Compassionate Care Rider (FCCR) “pays a monthly benefit and gives the insured the flexibility to take time off work entirely or work reduced hours” in circumstances in which he or she would need to care for a terminally ill or injured child or spouse, RBC Insurance says in a news release.
According to an RBC survey, two in 10 Canadians have had to take time off work to provide care for a loved one, and only one-third said they could comfortably afford the loss of three months’ income in such a situation.
“Finding out that your spouse or child has been diagnosed with a terminal illness is devastating and the last thing you want to worry about is your finances,” Maria Winslow, senior director, life and health at RBC Insurance, says in a statement. “And while many Canadians have ways to protect their income in the event that they were to personally become sick, there has been no option for taking time off work to care for a loved one.”